Budget & Finance Mar 19th Meeting

Budget & Finance Committee

March 19, 2014
Meeting Minutes
 
1. Meeting was called to order by the Chair at 7:00 pm.
 
2. Committee Attendees: Wes Elliott (Chair), Ken Walsh, Robin Kinkead, and Dale Urbanek.
Non-Committee Attendees: Wendy Taylor (SRP General Manager), and Jennifer Edwards (SFMC).
 
3. Public Comment / Issues: None
 
4. No one electronically recorded the meeting.
 
5. The Committee reviewed the draft minutes from the February 19, 2014 meeting:
a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the February 19th, 2014 minutes as presented.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously. 
 
6. The Committee reviewed the financial statements for February 2014:
a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the February 2014 Financial Statements as presented”.  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously. 
 
7. The committee reviewed and discussed investments:
a. The committee requested that $100,000 be transferred from the Replacement Reserve Morgan Stanley Smith Barney Money Market Account to a new Operating Money Market account.  SFMC to set up the new account with a bank that will maintain our FDIC Insurance limits, and that will not require excess information from signers.  The transfer reduces the Replacement Reserve Morgan Stanley Smith Barney account balance to an amount below the FDIC insurance limit, and reduces the due to / from balance on the Balance Sheet.
b. The committee will consider additional maturities the week of April 1st via email.
 
8. The committee discussed the possible write off of Late Fees. 
a. The committee confirmed that the previously authorized write downs had been resolved.
b. The committee agreed with the Board of Directors that no further late fees should be written off at this time. 
 
9. The committee discussed the draft of the 2013 Audit Report.  The committee requested that Wendy Taylor and / or SFMC request that AJE #13 be reconsidered by the auditor.  The committee feels that the transfer was properly authorized and should be considered as part of operations instead of as a fund transfer.  The committee also agreed to further review the audit report and email Wendy by April 1st if there were any other concerns / recommendations.  The committee will reconsider the Audited Financial Statements at the April meeting for recommendation to the Board.
 
10. The committee considered the bids for the new Reserve Study to be performed in 2014.  The committee looked at the proffered services and at samples of the study report to be received from the different vendors.
a. Robin Kinkead made the motion that “The Budget and Finance Committee recommends the use of Reserve Advisors to perform the 2014 Reserve Study at a price not to exceed $20,000.”  The motion was seconded by Ken Walsh.
b. The motion passed unanimously.
 
11. The Committee considered the purchase of minnows to be stocked in the proprietaries ponds to reduce the mosquito population surrounding those ponds.  The committee liked the idea that this was a green solution, even if it only reduced the mosquito problem in certain areas.
a. Dale Urbanek made the motion the “The Budget and Finance Committee recommends the use of our current pond service provider to stock the ponds with minnows at a price not to exceed $9,000.”  Robin Kinkead seconded the motion.
b. The motion passed unanimously.
 
12. The meeting adjourned at 8:44 pm.